3RQDGWRSRVLDGDQLHVDPRLVWQHW\PUyĪQLVLĊRGSRVLDGDQLD]DOHĪQHJRĪHSLHUZV]HMHVWZáDG]WZHPQDG U]HF]ąQLH]DZLVá\PRGG\VSR]\FMLLQQHMRVRE\]DĞGUXJLHMHVWZáDG]WZHPSRGSRU]ąGNRZDQ\PLQQHM RVRELHQDZHWJG\PLĊG]\ZáDĞFLFLHOHPOXESRVLDGDF]HPVDPRLVWQ\PDSRVLDGDF]HP]DOHĪQ\PQLHE\áR ĪDGQHJRVWRVXQNXXPRZQHJR6WZLHUG]HQLHWRRGGDMHLVWRWĊUyĪQLF\SRPLĊG]\URG]DMDPLSRVLDGDQLDSU]\ F]\PLVWRWQH]QDF]HQLHPDVWDQĞZLDGRPRĞFLSRVLDGDF]D 3U]HGSDĨG]LHUQLNDUWHUPLQ\GRQDE\FLDZáDVQRĞFLQLHUXFKRPRĞFLSU]H]]DVLHG]HQLH]DUyZQRZ GREUHMMDNL]áHMZLHU]HE\á\NUyWV]HLZ\QRVLá\RGSRZLHGQLRLODW $NWXDOQLHRERZLą]XMąFHWHUPLQ\]DVLHG]HQLDZSURZDG]RQH]RVWDá\XVWDZą]GQLDOLSFDUR ]PLDQLHXVWDZ\.RGHNVF\ZLOQ\ ']81USR]]SyĨQ]P  1DOHĪ\SU]HGHZV]\VWNLPZVND]DüĪHZQLQLHMV]HMVSUDZLH]áRĪRQRGZDZQLRVNLR]DVLHG]HQLH3LHUZV]\] QLFKGRW\F]\áZRVWDWHF]QLHVSUHF\]RZDQ\PVWDQRZLVNXQLHUXFKRPRĞFLR]QDF]RQ\FKQXPHUDPL JHRGH]\MQ\PL  2LFK]DVLHG]HQLHZQLyVá6NDUE3DĔVWZD-HGQRF]HĞQLHZQLRVNRGDZFDFRIQąáĪąGDQLH VWZLHUG]HQLD]DVLHG]HQLDQLHUXFKRPRĞFLRQXPHU]HJHRGH]\MQ\P  LPLPR]RERZLą]DQLD6ąGXĪDGHQ ]XF]HVWQLNyZQLHVSU]HFLZLáVLĊFRIQLĊFLXZZZQLRVNXZWU\ELHDUWNSF7\PVDP\PZWHMF]ĊĞFL SRVWĊSRZDQLHZVSUDZLHQDOHĪDáRXPRU]\ü]PRF\DUWNSFZ]ZLą]NX]DUWNSF]QDMGXMąF\P ]DVWRVRZDQLHSRSU]H]DUW†NSF SNWSRVWDQRZLHQLD  'UXJL]ZQLRVNyZR]DVLHG]HQLH]RVWDá]áRĪRQ\SU]H]XF]HVWQLF]NĊ76DQDVWĊSQLHSRGWU]\PDQ\SU]H]MHM VSDGNRELHUF]\QLĊ$+LGRW\F]\áVWZLHUG]HQLDQDE\FLDZGURG]H]DVLHG]HQLDQLHUXFKRPRĞFLRQXPHU]H JHRGH]\MQ\P   -HĪHOLFKRG]LRSLHUZV]\]ZQLRVNyZ ZQLRVHN6NDUEX3DĔVWZD WRZRFHQLH6ąGXQDOHĪ\X]QDüJR]D X]DVDGQLRQ\2VDPRLVWQ\PSRVLDGDQLXZQLRVNRGDZF\ĞZLDGF]\SU]HGHZV]\VWNLPRNROLF]QRĞüĪH6NDUE 3DĔVWZDRGUZáDGDáWąQLHUXFKRPRĞFLą SRSU]HND]DQLXPXZZQLHUXFKRPRĞFLSU]H]DGPLQLVWUDWRUD +&2LOHPRĪQD]JRG]LüVLĊ]XF]HVWQLNDPLĪHZW\PRNUHVLH WHNVWMHGQSU]HGRU]HF]HQLHPZ\GDQLD SU]HGPLRWRZ\FKQLHUXFKRPRĞFL76 6NDUE3DĔVWZDSHáQLáMHG\QLHUROĊDGPLQLVWUDWRUDWHMQLHUXFKRPRĞFL RW\OHZRFHQLH6ąGXSRXSUDZRPRFQLHQLXVLĊZ\URNXRZ\GDQLHVSRUQ\FKJUXQWyZZáDG]WZRIDNW\F]QH 6NDUEX3DĔVWZDSU]HNV]WDáFLáRVLĊZSRVLDGDQLHVDPRLVWQH1LHXOHJDERZLHPZąWSOLZRĞFLĪHGR IDNW\F]QHJR]ZURWXVSRUQ\FKQLHUXFKRPRĞFLLFKZVSyáZáDĞFLFLHORPQLJG\QLHGRV]áR3RGREQLHMDNQLJG\ QLHGRV]áRGR]DSáDW\]ZURWXQDNáDGyZRU]HF]RQ\FKZ\URNLHP6ąGX:RMHZyG]NLHJRZ3R]QDQLX]GQLD VLHUSQLDU:W\PRNUHVLHXF]HVWQLF]ND76 DQLĪDGQH]MHMURG]HĔVWZDZyZF]DVSR]RVWDMąFHJR SU]\Ī\FLX QLHSRGHMPRZDáDĪDGQ\FKG]LDáDĔ]PLHU]DMąF\FKGRZSURZDG]HQLDMHMZIDNW\F]QHSRVLDGDQLH W\FKQLHUXFKRPRĞFLF]\OLSU]HND]DQLHMHMW]ZFRUSXV:UĊF]SU]HFLZQLHZOLVWRSDG]LHU XF]HVWQLF]NDUR]ZLRGáDVLĊ]HVZRLPPĊĪHP+6QDVWĊSQLHRWU]\PDáDZL]ĊLGRNXPHQWSRGUyĪ\DZ VW\F]QLXURSXĞFLáD3ROVNĊLMXĪGRNRĔFDVZRMHJRĪ\FLDGRNUDMXQLHZUyFLáD7\PVDP\P QLHNZHVWLRQRZDQ\PIDNWHPMHVWĪHXF]HVWQLF]NDQLH]RVWDáDZSURZDG]RQDZHZáDGDQLHIDNW\F]QH VSRUQ\PLQLHUXFKRPRĞFLDPL-HGQRF]HĞQLHZW\PRNUHVLHVSRUQHQLHUXFKRPRĞFL]QDMGRZDá\VLĊZ